發(fā)布時(shí)間：2018-01-15 12:35

  本文關(guān)鍵詞：新股發(fā)行對(duì)上證指數(shù)波動(dòng)影響的實(shí)證分析　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 新股發(fā)行 上證綜指波動(dòng)

【摘要】：本文分為五個(gè)部分來研究新股發(fā)行和上證綜指之間的相互關(guān)系，，運(yùn)用描述性統(tǒng)計(jì)工具和計(jì)量經(jīng)濟(jì)模型兩者相結(jié)合，闡述了上述兩者之間存在的關(guān)系，初步得出了結(jié)論，即短期內(nèi)，新股發(fā)行對(duì)指數(shù)的漲跌構(gòu)成沖擊，從長期角度來看，兩者之間不存在明顯的顯著關(guān)系。 同時(shí)本文選出了2007年至2012年上海發(fā)行的100億市值以上的股票，將其上市前后各五天數(shù)據(jù)和在此期間上證綜指的表現(xiàn)結(jié)合起來，得出了大市值股票的發(fā)行對(duì)指數(shù)的沖擊影響比小市值的股票更加明顯。 通過一系列的分析和實(shí)證檢驗(yàn)結(jié)果，最后提出了相關(guān)的政策和建議，認(rèn)為新股的發(fā)行與否更多的是影響市場參與者的心理預(yù)期，對(duì)資本市場的基本走勢和趨勢不會(huì)產(chǎn)生根本的影響，不會(huì)打亂其原有的運(yùn)行節(jié)奏。政府層面應(yīng)該在適當(dāng)時(shí)期以適當(dāng)?shù)乃俣热グl(fā)行新股，要嚴(yán)格控制住新股的質(zhì)量和上市標(biāo)準(zhǔn)，建立起一整套的新股發(fā)行的審批制度和嚴(yán)格的監(jiān)管體系。
[Abstract]:This paper is divided into five parts to study the relationship between the new issue and the Shanghai Composite Index, using descriptive statistical tools and econometric model to explain the relationship between the above two. The preliminary conclusion is that in the short term, the new issue will impact the index. In the long run, there is no obvious relationship between the two. At the same time, this paper selects 10 billion stocks issued in Shanghai from 2007 to 2012, combining the data of five days before and after listing and the performance of the Shanghai Composite Index during this period. It is concluded that the impact of the issuance of the Grand market value stock on the index is more obvious than that of the lesser market value stock. Through a series of analysis and empirical test results, finally put forward the relevant policies and recommendations, think that the issue of new shares is more likely to affect the psychological expectations of market participants. The basic trends and trends of capital markets will not have a fundamental impact, will not disrupt its original pace of operation. The government level should issue new shares at the right time and at the right speed. It is necessary to strictly control the quality and listing standards of new shares, and establish a set of approval system and strict supervision system for new stock issuance.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F832.51

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